Mira Bhayander stretch on a high, appreciation expected

MUMBAI: Prices of residential properties on the Mira-Bhayander stretch – the suburban location in Thane district, have doubled in the past three years on the back of growing connectivity and infrastructure and there is scope for further appreciation in the near future. The locality is administered by the Mira-Bhayander Municipal Corporation (MBMC). A 1,000-sq ft apartment in a multi-storeyed building is available in the range of Rs 75-80 lakhs at present.

Thanks to the western railway and the Western Express Highway, the locality, situated in northern Mumbai, enjoys seamless connectivity to the island city as well as Navi Mumbai. Bhayander is further divided into two parts by the Mumbai suburban railway – east and west. Mira Road has mainly developed on the eastern side. The BEST Undertaking runs an intensive network of buses under the 700 series, which connect Mira-Bhayander with several western and central suburbs of the city. There is also a provision of AC buses plying from Mira Road railway station (east) to the Nehru Planetarium.

According to Vyomesh Shah, managing director, Hubtown, “The prices in the Mira-Bhayander stretch may appreciate by 20-30 per cent in the near future.” He feels that since areas such as Dahisar have touched Rs 10,000-11,000 per sq ft and Kandivali has touched Rs 15,000-16,000 per sq ft in certain pockets, the Mira-Bhayander stretch will enjoy the spillover impact. So, what is the growth potential of this area? Located in Thane district, the location is well-planned, encompassing wide roads and decent physical infrastructure. It is home to more than 8 lakh people, as per the 2011 India Census. As far as economic activity is concerned, the area is led by the manufacturing units.

The presence of a number of projects by prominent developers ensures that there is a wide availability of properties for anyone who is searching for a home. According to Rajesh Goyal, a realtor, this stretch is more of an end-user market and since it is not dominated by investors, the prices rise due to fundamental reasons and not due to speculation. As has become a general trend for areas in and around Mumbai, home buyers mainly look for smaller size apartments – 1-BHK and compact 2-BHK apartments in multi-storeyed buildings. The ratio between end-users and investors has been estimated at 70:30.

“If you are looking for a residential property from an investment perspective, you should look at buildings and multi-storeyed apartments with all amenities and facilities, as that is probably what can be resold faster and at a premium,” Shah signs off.

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